THE EU is becoming increasingly concerned about the threat of economic 'Armageddon' if Boris Johnson refuses to extend the transition period beyond the end of 2020, according to an Irish MP.

The EU is on edge as Boris Johnson's refusal to extend the Brexit transition period takes its toll of member-states. During a debate in the Irish Parliament, the Dáil Éireann, this week MPs warned of an economic collapse across the EU if Britain refused Brussels' demands for an extension in light of the coronavirus pandemic. One MP, Sean Haughey, said Ireland itself risked "nothing short of Armageddon" if Britain left without a deal or even with a "bare bones" deal.

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He told fellow Irish MPs: "The most we can hope for in this time frame is a bare bones agreement. There would be no winners in that case.

"We believe that an extension to the transition period is needed now, particularly in light of the COVID-19 pandemic, the subsequent delay in talks and fundamentally altered economic landscape.

"Following the conclusion of the second round of talks, Barnier questioned whether a deal could be agreed in the time frame allowed. He also noted that the UK refused to engage seriously on a number of issues.

"It is imprudent and short-sighted of the UK not to seek an extension and every effort must be made to reach a consensus between the UK and the EU."